Shareholders approve a follow-on offering that could involve the sale of up to 3 billion common shares of the liquor and distillery holding company.

Shareholders of Philippine distiller Tanduay Holdings have approved a plan for the company to sell up to 3 billion shares, which could help it to raise more than $800 million.

All the shares will come from Tangent Holdings, the majority shareholder, and will be sold to investors by way of a follow-on offering. Pricing will be determined through a bookbuilding exercise, Tanduay said in a statement filed to the Philippine Stock Exchange yesterday.